I bought my home in 2006 and put down $ 100k, yes its 20% down for a $ 500k house. I have put in another $ 50k in upgrades and remodel. Fast forward to 2009, laid off, no income I resort to using my credit card to pay my mortgage while my house was being listed by my realtor. 6 months went by, then a year, the house remained unsold. I’m up to my limit in credit card debt, thinking to sell the house for $ 350k, which will give me approx. $ 50k to pay my credit cards. Year and a half later, house is in foreclosure; credit card at max limit. No job, no car (sold it to pay credit card debt), ..and now living like a deadbeat.

Credit card companies still call and say "hello". Same story told to them over and over, no income, no job, no money etc. They "understand". Then they sell the debt to collection agency, same thing again. I told them my story..and they don’t care. "When are you gona pay?" I say with what? I can sell my t-shirt and underwear, but that might be worth 25 cents. What good will it do? So now, they are suing me in court. Went there and told the same story…judgment for the plaintiff. Okay, now they want to garnish my wage…but I don’t got no job. They want to freeze my bank acct…I have none. They want to..probably kick my ass..that they can definitely do..but that would hurt them, because if I get hurt and sue, they probably owe me money.

So here is my dilema, should I file Bankruptcy ..as there are other creditor waiting in line to sue me. Or should I go to court and and plea guilty but have no way to pay?

Yeah, I know..I’m a deadbeat, but I don’t blame my misfortune on no one except myself. Lost my life savings and people are laughing at me. What a cruel world this is. To file BK or not to file BK? If I do, I will have a fresh start says a friend. If I don’t, my friend says that the creditors will put my balance on my credit report, and renew it every 7 years…meaning that I can call the credit reporting agency to remove it, but they have a right and probably will repost my balance…as nothing had been collected. Is this true? I thought a negative item must be removed after 7 years, but it could be put back in and stay for another 7 years?? Please help. Thanks in advance.

Technorati Tags: bk, credit card debt, credit cards, creditor, creditors, cruel world, dilema, foreclosure, fresh start, judgment, max limit, misfortune, plaintiff, plea, realtor, remodel, should i file bankruptcy, t shirt, underwear, waiting in line

I have about 23,000 in unsecured credit card debt. I recently lost my job and had to take one making a lot less per month. I went a debt consolidation program that got my payment down to about 700.00 per month. The problem is i am only bringing home net about 1200.00. I then have a mortage utilities and insurance etc so i am running in the hole. Is debt settlememt a good alternative. I do not want bankruptcy . I know settlement will hurt my credit score but at this point I need a way out. I have heard that settlement companies make you hold off on payments and the credit card companies will keep hounding you? Is this true? Does anybody have a suggestion to my dilema

Technorati Tags: bankruptcy, bringing home, credit card companies, credit card debt, credit score, debt consolidation program, dilema, insurance, job, settlement companies, suggestion, unsecured credit card

Im in a dilema… With the economy the way it is, I am forced to make a decission i have been dreading for awhile. I need to know what is easier, less affecting, towards the credit and future.. Debt settlement, Bankruptcy, or repossession of 2 brand new cars!!

Technorati Tags: bankruptcy, brand new cars, Debt Settlement, decission, dilema, economy, repossession